VICI Properties offers 6.3% yield with shares 19% below fair value, betting on Las Vegas experiential real estate.

VICI Properties, the largest REIT focused on experiential real estate, primarily in Las Vegas, has seen its share price decline 9% over five years but delivered an 18% total return. The company offers an attractive 6.3% dividend yield and trades at a price 19% below Wall Street's fair value estimate, with a forward price to adjusted funds from operations (P/AFFO) of 11.6. VICI's investment thesis centers on the sustained demand for the Las Vegas experience and managing associated risks. Investors should consider the durability of this demand and the triple net lease structure of its properties when evaluating VICI's potential.